Transamerica Premier Life Insurance Company Address

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Transamerica Premier Life Insurance Company Address

Transamerica Premier Life Insurance Company Address

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Transamerica Premier Life Insurance Company Address

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This website uses cookies to improve site navigation and personalize your experience. By using this site, you agree to our use of cookies as described in our updated Privacy Statement. You can modify your choices by visiting our Cookies and Advertising Notice. … Readmore ReadlessTransamerica Life Insurance Company was successfully sued for overcharging many comprehensive life insurance policies. Plaintiff successfully concluded in Feller et al v. Nationwide Life Insurance Company that the conduct constituted a breach of duty to the detriment of the contract holder. The class-action lawsuit underscores the difficulty insurers are having in paying interest rates that are much higher than they are now on covered claims.

Transamerica Premier Life Insurance Company Address

Universal life insurance allows customers to purchase a policy at a relatively low cost, although the exact premium is variable. Transamerica notified its policyholders in 2015 that it was increasing the cost of insurance on comprehensive life insurance policies it sold in the late 1980s and early 1990s, some by as much as 38%. Interest rates during this period were very high, so insurers had to guarantee a minimum rate in order to sell these policies. Some of Transamerica’s comprehensive life policies pay at least 5.5% annually.

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The lawsuit, filed in 2016, accused Transamerica of breach of contract and acting in bad faith by raising premiums to offset guaranteed interest payments it made to policyholders. Plaintiffs are represented by Consumer Watchdog attorney Harvey Rosenfeld. Lawyers from two law firms also filed suit, including Shernoff Bidart Echeverria & Bentley and Bonnett Fairbourn Friedman & Balint. Both companies have a history of litigating life insurance cases.

Rosenfeld said the lawsuit’s overarching goal is to get as much money as possible for policyholders as quickly as possible. He added that many of these policyholders are seniors living on a fixed income who are surprised by the sadness and pain that premium increases will cause. Rosenfeld also claimed that Transamerica is trying to convince policyholders to drop their policies so the company can cover losses due to current low interest rates.

Transamerica spokeswoman Julie Quinlan sent an emailed statement explaining the company’s stance on the premium hike. It said Transamerica had contacted policyholders about the matter, adding that the increased fee was based on the future cost of insuring its universal life policies. Factors contributing to the expected increase in the rate of decline include death rates and low interest rates. Quinlan also mentioned that even after the hike took effect, interest rates remained at or below the policy-mandated ceiling.

The case was finally settled in February 2019, after the court ruled that Transamerica had improperly increased monthly premiums on its approximately 70,000 comprehensive life policies. The court also ordered Transamerica to pay policyholders $195 million plus all attorneys’ fees.

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Transamerica will pay to a mutual fund that will compensate policyholders who participated in the settlement. The grant can take the form of a credit to the policyholder’s account or a cash payment if the policy is no longer in force. Policyholders will also be protected from further premium rises for the next five years. A senior spokesman for Transamerica parent Aegon said the company is pleased with the settlement because it will remove uncertainty for its customers.

The SEC also ordered four Transamerica entities to pay a total of $97.6 million for their actions related to the faulty investment model. Other life insurers, including Axa Equitable Life Insurance and Lincoln National Corp, are facing similar lawsuits. In May 2018, Nationwide agreed to a private settlement over variable costs of its universal life insurance policies, and John Hancock Life Insurance Co. settled the lawsuit for $91.25 million in July.

If you are over 75 or terminally ill, do not let your policy lapse or accept a lower quote from your insurance company. Consider accepting multiple offers from the Windsor market. Get a new quote now and send it by email, link or fax. You can also download, export or print it.

Transamerica Premier Life Insurance Company Address

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Get full protection from a life insurance policy or, if the insured exceeds a 30-year premium period, receive a refund on eligible cumulative premiums* paid at the end of that 30-year periodu2014 Income is tax-free!

Insurance now allows you to access your account through a secure website. You can view or renew your valid insurance documents/certificates, as well as print claim forms, at any time of the day or night. And there are many.

Aegon in the United States In 1999, it acquired Transamerica, one of the most popular insurance companies in the United States. In 2011 and 2014, its businesses merged under the Transamerica brand.

Transamerica Sued For Raising Universal Life Premiums 38%

Transamerica offers a wide variety of products in the comprehensive, whole and indexed life insurance categories. A variety of riders are also available so you can customize your policy to get the coverage you need. However, Transamerica’s offerings are generally lower than other life insurance agencies.

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Transamerica Premier Life Insurance Company Address

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